Queensland has lost ground in the latest global survey of mining companies and investors, falling two places to number 15 in the world for investment attractiveness.
Queensland Resources Council (QRC) Chief Executive Ian Macfarlane said the results in the Fraser Institute Annual Survey of Mining Companies sent a clear message that Queensland can’t become complacent in a field of intense global competition.
“This is a wake-up call for Queensland that we can’t take our place as a resources superpower for granted,” Mr Macfarlane said.
“World class and abundant mineral resources are not enough. These results show that Queensland must work harder to attract international investment in the projects that create jobs and support regional communities.
“The well-respected Fraser Institute survey puts Queensland at number 15 out of 76 jurisdictions. While Queensland is well clear of both Victoria (43) and New South Wales (47) when it comes to being open for business, it is significantly behind Western Australia which is now ranked number one for investment attractiveness. South Australia (6) and the Northern Territory (13) also outrank Queensland.
“This hasn’t come out of the blue, but Queensland must heed the warning.
“In the past 12 months there have been several examples that have raised industry concern about policy and consultation on significant issues that could affect investment and jobs.
“Examples include a proposed significant expansion to the area of land locked up from gas development in western Queensland under the Pristine Rivers policy, a sudden 25 per cent hike in the gas royalty rate, and lack of consultation on important issues such as methane regulations and cultural heritage.
“QRC is also seeking to ensure appropriate consultation on matters relating to workforce and regional investment.
“Queensland should be on equal footing with Western Australia given both states are blessed with abundant resources and have significant regional communities with world-class skills and expertise.
“It is essential that Queensland has policies that provide clear, consistent and transparent regulations and timeframes for project applications and assessments. It is equally as important to have a stable and transparent system for royalty taxes and a clear framework for environmental assessments and approvals.
“QRC will be consulting with the Government, Opposition and crossbench in the lead up to the state election to reinforce the importance of a long-term plan to attract new resources investments across a range of commodities. This will be especially important if Queensland wants to turn the potential of the North West Minerals Province into a reality.”
Queensland was ranked number 31 on the Policy Perception Index and number 11 on the Best Practices Mineral Potential Index.
The Fraser Institute Annual Survey of Mining Companies is available here https://www.fraserinstitute.org/studies/annual-survey-of-mining-companies-2019
